In 2010,an Explosion of a BP Oil Drill Resulted in the Deaths

question 33

Multiple Choice

In 2010,an explosion of a BP oil drill resulted in the deaths of 11 workers and the largest environmental disaster in U.S.history.The BP CEO was fired because of his ineffective handling of the crisis.The CEO lost his job because he failed to uphold _____ responsibilities.

• A) economic
• B) legal
• C) ethical
• D) philanthropic

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period of time, illustrating the company's financial performance.

Supplies

Items used in the daily operations of a business, such as office or cleaning supplies, not directly tied to the products or services sold.

Adjusted Trial Balance

A listing of all company accounts that will appear in the financial statements after adjustments have been made for balances at the end of an accounting period.

Adjusting Journal Entries

Entries made in the general journal at the end of an accounting period to allocate revenues and expenses to the period in which they actually occurred.